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HomeMy WebLinkAboutApril 3, 2012Y© A.xb VE 685 CROSSTOWN BOULEVARD N.W.. ANDOVER, MINNESOTA 55304 . (763) 755 -5100 FAX (763) 755 -8923 • WWW.ANDOVERMN.GOV ECONOMIC DEVELOPMENT AUTHORITY MEETING April 3, 2012 6:00 p.m. Conference Rooms A & B I. Call to Order— 6:00 p.m. 2. Approval of Minutes (March 6, 2012) 3. Parkside at Andover Station Update © 4. Arbor Oaks - Trident Development Update 5. EDA Project Progress Review 6. Other Business 7. Adjournment S AN66NY ANDOVER ECONOMIC DEVELOPMENT A UTHORITY MEETING APRIL 3, 2012 - MINUTES A Meeting of the Andover Economic Development Authority was called to order by Vice President Julie Trude, April 3, 2012, 6:02 p.m., at the Andover City Hall, 1685 Crosstown Boulevard NW, Andover, Minnesota. Present: Commissioners Sheri Bukkila, Tony Howard, Mike Knight, Joyce Twistol, Robert Nowak and President Mike Gamache (arrived 6:03 pm) Absent: None Also present: Community Development Director, David Carlberg Executive Director, Jim Dickinson APPROVAL OF MINUTES March 6, 2012, Regular Meeting: Correct as presented. Motion by Howard, Seconded by Bukkila, approval of the Minutes as presented. Motion carried unanimously (Nowak present). PARKSIDE AT ANDOVER STATION UPDATE Mr. Carlberg indicated he and Mr. Dickinson met with the City Attorney to review the final changes to the purchase agreement with Capstone Homes, Inc. After modifications the purchase agreement will be forwarded to Capstone Homes for their signature. Mr. Carlberg stated Capstone will be purchasing two of the lots on 140`" Avenue by May l'`. Capstone's schedule is to purchase another lot within 120 days and then a lot every 45 days until all the lots are sold. Mr. Carlberg reminded the EDA there is grading and platting to be completed in that area. Mr. Carlberg stated there will be an EDA meeting on April 17`h to hold a public hearing for EDA approval on the property sale; this is required by state statute. Mr. Carlberg indicated he met with a south metro developer that maybe interested in the eight - plex area, east of Linnet Street just north of 139`h Avenue. Commissioner Howard asked how Capstone will be selecting the lots. Mr. Carlberg answered Capstone will select the lot they would like to purchase then the City has five days to approve the selection. © Andover Economic Development Authority Meeting Minutes —April 3, 2012 Page 2 Mr. Carlberg indicated the purchase agreement is the schedule minimum, for example if Mr. Minks would like to buy two lots within the 45 days he could do so. Commissioner Trude is concerned with tying up 35 lots west of Linnet Street and that only three of the lots will be sold by the fall. Mr. Dickinson stated there are grading and platting issues to be taken care of before some of the lots can be sold. Mr. Carlberg reminded the EDA there were two proposals for this area and the EDA concurred the Capstone proposal was the best option. President Gamache asked if there is a completion deadline. Mr. Dickinson answered there is no completion deadline; however there is performance clause in the purchase agreement. Commissioner Howard stated he believes Capstone will perform and will build quality homes. Commissioner Bukkila asked when the last home was built in this area. Mr. Dickinson stated three years ago. Commissioner Bukkila indicated having Capstone's proposal is better than having nothing. Commissioner Nowak asked if Capstone can buy a lot and turn around and sell it to another builder. Mr. Carlberg indicated the purchase agreement is a buy and build agreement. Mr. Dickinson stated the area east of Linnet Street could also be market rate apartment buildings. ARBOR OAKS — TRIDENT DEVELOPMENT UPDATE Mr. Carlberg stated staff is working with Trident Development on the submittal of application to replat the property off 155th Lane and Hanson Boulevard for a 70 unit senior housing facility. The Comprehensive Plan will need to be amended from commercial to multi - family for that property. Mr. Carlberg indicated Trident Development held a neighborhood meeting on March 6th and this project was very well received by the neighbors. Trident is making a huge effort to take care of the neighbors concerns. Mr. Carlberg stated Trident Development has been a pleasure to work with. Commissioner Trude asked about the TIF negotiations. Mr. Dickinson reviewed an update TIF cash flow from Ehlers. He indicated the only modification to what was previously discussed is to the interest rate. Mr. Dickinson indicated the developer is in agreement with the 15 year $540,000 TIF. © Commissioner Knight asked what the boundaries are for the TIF District. Mr. Dickinson answered the TIF District 1 -5 boundary is only the Arbor Oaks property. EDA PROJECT PROGRESS REVIEW © Andover Economic Development Authority Meeting Minutes —April 3, 2012 Page 3 Mr. Dickinson updated on the following: 2012 Special EDA Events: - Bellows and Brass had a conflict for July 24`"; they will now perform on July 180'. 2012 Business Appreciation Day — Letters have been mailed to potential participants. Mr. Carlberg updated on the following: www.MetroMSP.ors and City Website —Potential restaurants will not be contacted again until the Wal -Mart situation moves forward. Retail Market Analysis — The McCombs Group is preparing the draft analysis and he should receive it by May 4h. The results will be presented at a public meeting. OTHER BUSINESS Commissioner Knight asked if the cattails by the pond next to Target could be mowed. Mr. © Carlberg answered it can be checked into. Commissioner Trude requested the next EDA agenda have discussion of the Bunker Lake Boulevard project between Crosstown Boulevard and Crosstown Drive. Mr. Carlberg indicated sign permits are being applied for regarding the monument entrance signs. ADJOURNMENT Motion by Trude, Seconded by Bukkila to adjourn. Motion carried unanimously. The meeting adjourned at 6:56 p.m. Respectfully submitted, Respectfully Recording Secretary E